Older people boosting Britain

The myth that older people are a drain on society was exploded today by a report showing that people in their 60s and 70s are providing a huge boost to the UK economy.

The third annual HSBC Future of Retirement study, the largest study of ageing and retirement ever undertaken, says people aged between 60 and 79 contribute £5.5bn each year in tax payments, £4.2bn in volunteer work and over £50bn in family care.

The study - based on interviews with 21,000 people in 21 countries - found that across the globe, large numbers of over-60s are staying in employment. In Britain, researchers found a picture of health, control and quality of life. 'Many older people in the UK are active, contributory adults, without whom our families, communities, and work places, could not flourish,' said the report.

Nearly half the country's 60 to 69-year-olds have some form of paid work, as do 14% of the oldest age group, those in their seventies. One reason is that people are staying healthier for longer than previous generations.

Three quarters of those in their 70s said they felt 'in good health', leading researchers to conclude that 70 is the new 50.

Professor Sarah Harper (pictured), director of Oxford University's Institute of Ageing which conducted the research, said 71% of those continuing to work said they wanted to do so. She described the UK figures as 'staggering'.

Prof Harper, said immediately after retirement many people appear to experience a boost in health status, quality of life and feelings of control and independence. She described this as the 'retirement bonus'.

The study showed that life in retirement exceeds expectations for most people. Missing former colleagues rather than the fear of not having enough money was the biggest concern for people both before and after giving up full-time work.

'Far from being a time of misery, penury and frailty, life for most people in their 60s and 70s is characterised by good health, independence, control and a good quality of life. In terms of how people feel and what they are capable of, we believe that 70 can be said to be the new 50,' said the report.

Explorer Sir Ranulph Fiennes, who spoke at the launch of the report, said age was not an issue when it came to achievement. Sir Ranulph, 63, who achieved fame for leading expeditions to the North and South Poles, added: 'As I hope to have recognised through my own career, life is full of opportunities and people are living healthier, active lives to a much later age.

'HSBC's research reveals that the experience of later life exceeds expectations. Society needs to recognise this, rather than consigning older people to an outdated retirement scrapheap.'